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Palladium Nears Record as Shortage Starts to Squeeze Carmakers

  • Gold investors eye U.S. payroll data for pointers on economy
  • Yellow metal set for longest run of weekly gains since June
A palladium ingot.

A palladium ingot.

Photographer: Andrey Rudakov/Bloomberg
Updated on

Palladium is within touching distance of a record high amid a looming shortage of the metal used to curb harmful emissions from gasoline-fueled vehicles.

Metal for immediate delivery nudged 0.3 percent lower to $1,096.45 an ounce, just shy of its all-time best of $1,125 in 2001. Metal for March delivery was 0.4 percent lower at $1,090.15 on the New York Mercantile Exchange, still close to the record for the contract hit this week.